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With BPM, banks keep their customers satisfied and stay ahead of the competition.
Leverage BPM to automate customer onboarding, loan processing, credit card processing, back-end updates, and compliance reviews.
Factors that are driving the adoption of BPM in the banking industry
The banking industry is under pressure to improve customer satisfaction, reduce costs, and comply with regulations.
Here are the key factors that are driving the adoption of BPM in the banking industry:
The rise of omnichannel banking operations
Today, customers expect a consistent and seamless experience across all channels, including mobile, online, in-person, and call center interactions. Banks providing this omnichannel experience will be better positioned to compete in the market.
Omnichannel banking operations require real-time data and process orchestration across all channels. This can be a challenge for banks that rely on legacy systems. BPM can help banks overcome this challenge by providing a platform for real-time data and process orchestration.
The demand for faster loan processing
The mortgage industry has been particularly impacted by the need for faster loan processing. In the past, it would take weeks or even months to process a loan. Today, customers expect a much faster turnaround time.
Banks that can process loans quickly and efficiently will be better able to meet customer expectations and win new business. BPM can help banks automate loan processing and achieve faster turnaround times.
The need for improved customer onboarding processes
Customer onboarding is a critical process for banks. To win new business, banks must be able to quickly and easily onboard new customers.
BPM can help banks automate customer onboarding processes and improve the customer experience. Additionally, BPM can help banks improve compliance with regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML).
The expectation of faster credit card processing
Credit card processing is another area where customers expect a fast and efficient experience. To meet customer expectations, banks must be able to quickly and easily process credit card transactions.
With BPM, banks can automate credit card processing and speed up their processes overall. Additionally, BPM helps banks improve fraud detection and prevention.
Banking functions that BPM can automate
BPM can help banks automate deposit, credit, and loan processing functions, including:
Ascension International’s BPM platform is the only solution that offers:
- A complete end-to-end solution for banking processes
- Real-time data and process orchestration
- A single platform for all banking channels
- The ability to integrate with legacy systems
- Flexible deployment options
If you’re looking for a BPM solution that can help you meet the demands of the digital age, contact Ascension International today. We’ll be happy to discuss our BPM platform and how it can benefit your bank.